LONDON (Alliance News) - Consort Medical PLC on Wednesday said it continues to trade in line with the board's expectations for its current financial year, on a constant currency basis, as it announced a new contract with pharmaceutical giant AstraZeneca PLC.
The drug delivery device company said its new contract with AstraZeneca is for the supply of its Bespak respiratory devices.
Under the multi-year agreement, Consort will supply to AstraZeneca its pressurised metered dose inhaler valves and actuators, which will then be assembled with AstraZeneca's Bevespi Aerosphere inhalation aerosol, which is for the long-term maintenance treatment of airflow obstruction in patients with chronic obstructive pulmonary disease.
"We are delighted to have successfully concluded this agreement with AstraZeneca. This further reinforces the ongoing strength of our respiratory device franchise in the pMDI segment," Chief Executive Jon Glenn said in a statement.
Separately, Consort noted the UK's decision to leave the European Union and said it doesn't expect any "fundamental" changes to its business as a result.
"Bespak and Aesica have a strong pedigree of providing excellent services to their international customer base and will continue to do so as the UK prepares to exit the EU, and thereafter. The group will monitor any further developments in exit outcomes and refine its planning to address them," the company said.
It did say, however, that the weakness of sterling may provide it with translation benefits as its foreign exchange exposure is mainly to the euro. Transactional foreign exchange effects, meanwhile, are expected to be limited due to its forward currency hedging policy.
Consort added that the process to appoint a new chief financial officer to replace Richard Cotton is underway.
Consort, which is holding its annual general meeting on Wednesday, will announce its first-half results for the six months ending October 31, on December 6.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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Astrazeneca (AZN)